Congress is back in session and the alcohol industry snapped into action to try and permanently extend legislation lowering the federal excise tax rate (FET). In 2017, Congress passed a bill known as the Craft Beverage Modernization and Tax Reform Act that reduced the FET rate, but it is set to expire on December 31, 2020. Today, alcohol trade groups across categories have united in a call for a day of action to urge lawmakers to pass an extension. There is bipartisan support for the legislation, but it remains to be seen what will be prioritized during this lame-duck session.
Source: The Hill, December 2020